The Azerbaijani state oil company SOCAR will additionally extract almost 7,300 tons of oil annually due to the commissioning of a new well on the offshore field the “Western Absheron”.

SOCAR reported that the design depth of the well is 770 meters, the daily debit is expected at 20 tons of oil, according to calculations of the geologists.

The “Western Absheron” field is on the balance sheet of the Oil and Gas Production Department of Absheronneft of SOCAR. SOCAR-AQS conducts drilling operations on this field on the basis of the reached agreement.

SOCAR produced 3.71 million tons of oil from offshore and onshore fields of the country in January-June 2017 against 3.78 million tons produced in the same period of 2016.

The forecast for oil production in the country in 2017 stands at 39.797 million, while the figure is 3.7 percent lower than the index of 2016.

SOCAR is 100 percent owned by the government of Azerbaijan. SOCAR participates in joint ventures (including ventures in Georgia and Turkey), consortia, and operating companies established with SOCAR’s participation.

Currently, SOCAR is the only producer of petroleum products in the country, and operates more than 370 petrol stations in Switzerland, Georgia, Romania and Ukraine.

The company participates in joint ventures (including ventures in Georgia and Turkey), consortia, and operating companies established with SOCAR’s participation.